After Trump's victory, Tesla's (TSLA, Financial) Praises 'Super Genius' Musk, Tesla Stocks Hit New Heights, Financial) stock rose by 12% on Wednesday, pushing the car producer to above $280 per share and adding $15 billion to Elon Musk's Net Worth. It is not a coincidence that after Trump hailed him as a 'super genius' and a 'new star' during his acceptance speech, the space tycoon got this wind of financial support. Before the election, Musk had campaigned for Trump, especially in the swing state of Pennsylvania.

Although the solid base of Tesla's stock price level, the competition in the general EV market is still uncertain. As one of the most famous analysts, Dan Ives of Wedbush Securities, mentioned earlier, the second Trump presidency might be an "overall negative for the EV industry" despite Tesla's highly favorable position because it is by far and away the most prominent actor in the entire industry. Further, Trump's plans to impose tariffs on Chinese autos will drag on Tesla's key Chinese rivals, BYD and NIO, and their ability to grow their American operations rapidly. Ives pointed out that BYD has recently surpassed Tesla to become the world's largest electric vehicle maker.

This rise in the TSLA stock makes Musk even richer. With a net worth of $280.3 billion, he is the world's richest person. According to recent estimates, Musk controls 13% of the company's shares, which have doubled in value.

This article first appeared on GuruFocus.